Oct. 4 (UPI) — The latest monthly ADP National Employment Report, released Wednesday, reveals that private sector employment grew by 89,000 jobs. This represents the slowest pace of job growth in over two years, indicating the economy’s effort to maintain stability.
The report is published two days before the official jobs report from the Labor Department and provides insights into the private non-farm job market’s performance over a one-month period.
“September showed the slowest pace of growth since January 2021, when private employers shed jobs,” states the report. “Large establishments drove the slowdown, losing 83,000 jobs and wiping out gains they made in August.”
The ADP Research Institute, in collaboration with the Stanford Digital Economy Lab, produced the report. It also highlights a 5.9% increase in annual pay compared to the same period last year. However, this marks the 12th consecutive month of slowing growth.
“We are seeing a steepening decline in jobs this month,” commented Nela Richardson, Chief Economist for ADP. “Additionally, we are seeing a steady decline in wages over the past 12 months.”
In September, small businesses (with 49 or fewer employees) played a crucial role in maintaining positive job growth, adding 95,000 hires. This partially offset the 83,000 jobs lost by large businesses (more than 500 employees).
Sector-wise, professional/business services experienced a decline of 32,000 jobs, followed by a decrease of 13,000 in trade/transportation/utilities and 12,000 in manufacturing, making them the hardest-hit industries in September.
Regionally, the South lost 16,000 jobs in September, while the West gained 66,000, primarily in the Pacific region.
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